French Renewables Shake-Up: Plenitude Acquires 760 MW Neoen Portfolio in Landmark Clean Energy Deal

Plenitude, the renewable energy and retail power subsidiary of Italy’s Eni (ENI), has reached an agreement to purchase a large portfolio of operating clean-energy projects in France from Neoen. The package totals about 760 MW of installed capacity, making it one of the French market’s most notable recent transactions in the renewable M&A space.

The portfolio includes 52 functioning sites across the country: 37 solar farms, 14 wind projects, and a single battery storage facility. Together, these assets produce roughly 1.1 TWh of electricity each year. The transaction still requires regulatory sign-off and other standard approvals, with both companies expecting completion before year-end.

For Plenitude, the deal represents a significant advancement toward its ambition to rank among Europe’s leading integrated energy companies. The acquisition supports the firm’s 2025–2028 Strategic Plan and contributes to its target of achieving 10 GW of renewable capacity by 2028. CEO Stefano Goberti stated that the purchase reinforces the company’s broad business model, which spans renewable power generation, retail operations, energy-efficiency services, and electric-vehicle charging infrastructure. The move also expands Plenitude’s presence in France, where it already serves around one million retail customers and continues to build out energy-solutions and e-mobility services. More broadly, Plenitude supplies energy to 10 million customers across Europe and aims to exceed 11 million users by 2028 and reach 15 million by 2030.

For Neoen, the divestment fits with its long-term approach of selectively selling mature assets to reinvest in new projects. Under a service agreement, the company will continue operating the sites for several years on Plenitude’s behalf. Neoen’s CEO, Xavier Barbaro, emphasized that cycling capital from high-quality assets back into growth will help the company progress toward commissioning about 2 GW of new capacity each year worldwide. Once the sale closes, Neoen will retain around 1.1 GW of projects either in operation or under construction in France, supported by a strong development pipeline.